Investors looking for stocks to buy and watch should check out the IBD Screen Of The Day, a column that focuses on top ideas uncovered through the IBD Stock Screener.
Today, we look at the Global Leaders screen, which finds the best global companies trading on U.S. exchanges. The current list features Icici Bank, Flex LNG and Woodside Energy.
Stocks To Buy And Watch: Icici
Indian commercial bank Icici is forming a cup-with-handle base with a 23.12 buy point, according to IBD MarketSmith chart analysis. The stock dipped 0.4% Wednesday. The relative strength line hit a new high last week, illustrating outperformance vs. the S&P 500 index.
In the most recent quarter, Icici earned 26 cents per share on sales of $2.39 billion, representing year-over-year growth of 24% and 9%, respectively. Amid decent fundamentals and big price gains in recent weeks, IBN stock shows a solid 91 out of 99 IBD Composite Rating, according to the IBD Stock Checkup.
Shares are trading just above their 50-day moving average line, which is a key level to watch. A successful test of support would likely be a precursor to a breakout attempt.
On the flip side, a breakdown through the 50-day line would tell investors the stock's basing process needs more time to evolve.
Energy Stocks To Watch: Flex LNG, Woodside
Among energy stocks to buy and watch, Flex LNG is building a consolidation with a 37.09 buy point. An early entry at 34.66 is also in play.
But the stock must first retake its 50-day line, which looms as a key resistance level to watch. Shares climbed 4% Wednesday, lifting above the 50-day line. A decisive retake would be positive for the stock's immediate prospects.
The Bermuda-based LNG transporter and processor focuses on shipping with its LNG carriers and Floating Storage Regasification Units. The fleet is currently comprised of 13 carriers.
Fellow LNG stock Cheniere Energy is breaking out past a 178.69 buy point in a cup with handle and is an IBD Leaderboard stock candidate.
Lastly, Australian oil and gas explorer and producer Woodside Energy is trading just below a 24.05 buy point. It boasts a relative strength line at a new high, which is a reason to put this top stock on your watchlist.
However, wait for a decisive breakout before purchasing shares, which dipped 0.4% Wednesday.
